Bretton Woods institutions shift focus to private sector
Author: Kenneth Kwama, Financial Standard [Kenya], Published on: 25 May 2004
While the World Bank (WB) and International Monetary Fund (IMF) have initiated programmes to support its latest model for development—the Private Sector Development Strategy (PSDS), the US Government has completed legislation to help it in the implementation of the Millennium Challenge Account (MCA). In both approaches, aid will be given in terms of grants as opposed to loans. It will circumvent government and go straight to Non Governmental Organisations and the private sector.